You have found a property you wish to purchase in Hungary what next?

Buying Property in Hungary - Costs of Purchasing PropertyBuyer's Guide explains the legal fees, legal procedures, purchase taxes and mortgage procedure.
Purchasing property in Hungary.Hungary is now part of the European Union. Any person from a country within the European Union (EU) can purchase a property in Hungary with legal permission.The permit to purchase Hungary property is prepared by a lawyer / solicitor, with the only restriction being that a foreign citizen cannot own a property on military land.A maximum of 2 properties may be held by an individual, after this you must establish a company to hold the properties.Property is purchased freehold.TULAJDONI LAP is the Hungarian property deed.A Contract is prepared detailing the property purchase transaction. The Contract Agreement is binding in Hungarian Law and will be in both English and Hungarian.Mortgages are readily available for a foreign citizen secured on a Hungarian property.Stamp duty of 6% is payable on resale property.New developments may be free of stamp duty dependent on their size.Long term letting is very feasible in Hungary.The United Kingdom and Hungary have a double taxation agreement.UK nationals are able to receive accident and emergency treatment free of charge as long as they have an E111 form available free from all post offices. However the E111 does not cover all medical fees or on-going medical treatment of a non-urgent nature.

Purchasing a Hungarian property as an individualLawyer fees to arrange permit to purchase6% Stamp duty (new properties costing less than 120,000 are exempt from stamp duty)3% Purchase fee (standard throughout Hungary)Yearly communal charge depending on property sizeYearly building insurance depending on property size20% Capital gains tax on profit when selling the propertyPurchasing a Hungary property as an individual requires approval from the Administrative Office of Budapest, taking up to 3 months.

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